An investigation on behalf of current long term investors in THQ Inc. (NASDAQ:THQI) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:THQI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/11/2012 -- Certain directors and officers of THQ Inc. are under the investigation for current long-term stockholders in NASDAQ:THQI shares over possible breaches of fiduciary duties in connection with certain statements over its uDraw GameTablet.
Investors who are current long term investors in THQ Inc. (NASDAQ:THQI) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in THQ Inc. (NASDAQ:THQI) stocks follows a lawsuit filed earlier by shareholders who purchased NASDAQ:THQI shares only between May 3, 2011 and February 3, 2012. The investigation on behalf of current long term investors in THQ Inc. (NASDAQ:THQI) stocks, including also those who purchased within or prior to the above stated time frame, concerns whether certain THQ Inc. officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that THQ Inc. violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding the Company’s business and prospects.
On December 7, 2011, THQ Inc. updated its outlook for the 2012 fiscal third quarter, ended December 31, 2011. For the quarter, THQ Inc. expected to report net sales of approximately 25% below its previously announced guidance of $510 million to $550 million, due to “weaker-than-expected initial sales of its uDraw GameTablet for Xbox 360 and PlayStation 3.”
Then on February 2, 2012, THQ Inc. (NASDAQ:THQI) reported financial results for the third quarter ended December 31, 2011. Among other things, THQ Inc., said that it is exiting development of traditional kids’ licensed console games and has no future commitments or plans to manufacture uDraw hardware.
Shares of THQ Inc. (NASDAQ:THQI) have lost substantial value. Over the past 12 months NASDAQ:THQI shares fell from as high as $3.59 per share on June 29, 2011 to recently $0.64 per share.
On July 3, 2012, NASDAQ:THQI shares closed at $0.563 per share, significantly less than its current 52weekHigh.
Those who purchased THQ Inc. (NASDAQ:THQI) common stock, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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